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Category: Oil

Local Gas News Oil

Africa Energy Bank Gains Momentum with Key Contributions from Nigeria, Angola, and Ghana

Nigeria, Angola, and Ghana have successfully fulfilled their capital commitments to establish the Africa Energy Bank (AEB), a financial institution aimed at bridging the funding gap in Africa’s oil and gas sector. This achievement represents 44% of the total funding required from the African Petroleum Producers Organisation (APPO) members to initiate the bank’s operations. Dr. Omar Farouk Ibrahim, Secretary General of APPO, made the announcement at the recent Congo Energy & Investment Forum. With an

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Corporate News International Oil

Aradel Holdings Expands Upstream Portfolio with $19.5 Million Acquisition of Olo Fields

Aradel Holdings Plc, a prominent Nigerian energy company, has successfully completed its acquisition of the Olo and Olo West Marginal Fields for $19.5 million from the TotalEnergies/NNPC Joint Venture. This acquisition marks a significant milestone in the company’s expansion strategy and was disclosed alongside Aradel’s 2024 audited financial results, further emphasizing its commitment to a multi-field cluster development strategy within the Niger Delta region. By securing the Olo and Olo West fields, Aradel is enhancing

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Corporate News International Oil

Galp Sells Mozambique LNG Assets to ADNOC Unit in $881 Million Deal

Portuguese energy firm Galp has finalized the $881 million sale of its upstream assets in Mozambique’s Area 4 to XRG P.J.S.C., a subsidiary of the Abu Dhabi National Oil Company (ADNOC), marking a significant shift in the country’s LNG sector. The transaction includes Galp’s interest in the Coral South FLNG project — Africa’s first deepwater floating liquefied natural gas facility — which has been operational since 2022. It also covers Galp’s stakes in the planned

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Oil International News

Dangote Refinery Expands Global Reach with Strategic Exports to Asia and Beyond

Dangote Refinery has made a significant push to expand its global footprint by increasing exports to Asia, responding to the rising demand for refined petroleum products. As Asia continues to be a key hub for fuel consumption, particularly for shipping and aviation, Dangote’s refined products are now being delivered to critical markets, including Singapore, a major global oil trading center, as well as other Asian nations. In a recent development, Singapore received another batch of

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International News Oil

Nigeria’s Oil Market Struggles Amid Crude Price Drop and Policy Shifts

The Nigerian oil market is facing a paradox despite the recent drop in crude prices, driven by Donald Trump’s tariff policies and a sudden increase in crude supply by OPEC+. Last week, global crude prices fell to their lowest levels since 2021, losing $10 a barrel, reaching $65 by Friday. A report from the Major Energies Marketers Association of Nigeria (MEMAN) on Saturday, as covered by the Punch newspaper, highlighted a decline in the landing

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International Oil Petroleum

Zambia’s First Diesel Offloading Marks Key Milestone in Energy Reform

The offloading of Zambia’s first diesel consignment under the newly introduced Open Access Framework has officially begun at the TAZAMA tanks in Dar es Salaam, marking a significant step in the country’s petroleum sector reform. The inaugural shipment, totaling 95,000 metric tonnes of diesel under Lot 1 for April 2025, is the first to be imported by Oil Marketing Companies (OMCs) using the Open Access model. This new framework allows independent importation of petroleum products

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Local Economy News Oil

Angola’s Oil Prices Hold Steady Amid Global Market Fluctuations and Economic Concerns

Luanda – On Monday, Brent crude oil opened trading at USD 72.87 per barrel on the international market, marking a 0.5% decline compared to the previous session on Sunday. Crude oil futures for delivery in April closed on Sunday at USD 72.86 per barrel, with a minimum price of USD 72.72 and a maximum of USD 72.96, according to the specialized website “investing.com.” Last week, oil prices experienced a dip due to concerns that ongoing

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Oil International News

Global Oil Prices Surge Amid Geopolitical Tensions and Production Concerns

The global oil market saw a significant rise in the price of a barrel, reaching $72.20 on March 21, 2025, marking a 1.5% weekly increase. This continues the pattern of fluctuations observed in recent weeks on international commodities markets. As reported by the Central Bank of Congo (BCC), “As of March 21, 2025, the price of oil rose by 1.5% compared to the previous period, where it traded at $70.10 per barrel.” Experts at the

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Oil International News

Uganda Awards UAE-Backed Firm Contract to Build $4 Billion Oil Refinery

A UAE-backed company has secured the contract to construct Uganda’s first crude oil refinery, a $4 billion project in Kabaale, Hoima District. The facility will process 60,000 barrels of crude oil per day, enhancing Uganda’s energy independence and reducing reliance on fuel imports. UAE-based Alpha MBM Investments holds a 60% stake in the refinery, while Uganda’s National Oil Company retains the remaining 40%. The project aims to maximize Uganda’s oil reserves in the Albertine Graben

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International News Oil

MRS Oil to Delist from NGX and Move to NASD OTC Exchange

MRS Oil has finalized plans to voluntarily delist its shares from the Nigerian Exchange Limited (NGX) and migrate to the NASD OTC Securities Exchange. The decision was approved during an Extraordinary General Meeting (EGM) on June 25, 2024, and disclosed through a corporate filing with NGX. In line with NGX Delisting Rules (Rules 1.10 and 1.13(f)) and other regulatory requirements, MRS Oil will compensate shareholders who opposed the delisting or were absent from the EGM

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